Due to sign contracts shortly on a garden flat in Lytchett Matravers. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Lytchett Matravers should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

The physical extent of the premises. This will be the property itself but could also include a loft or basement if applicable.

Setting out your legal entitlements in respect of the communal areas in the building.For instance, does the lease permit a right of way over an accessway or hallways?

Does the lease prevent you from subletting the flat, or having a home office for business

You must be told what constitutes a Nuisance in the lease

Ground rent - how much and when you need to pay, and also know whether this will change in the future

The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For a comprehensive list of information to be included in your report on your leasehold property in Lytchett Matravers please ask your lawyer in advance of your conveyancing in Lytchett Matravers

I have just appointed agents to market my basement apartment in Lytchett Matravers.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Lytchett Matravers. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Lytchett Matravers ?

Most houses in Lytchett Matravers are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Lytchett Matravers in which case you should be shopping around for a Lytchett Matravers conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of flats in Lytchett Matravers both have approximately 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Lytchett Matravers is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Lytchett Matravers conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

All being well we will complete the disposal of our £250000 apartment in Lytchett Matravers on Wednesday in a week. The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Lytchett Matravers?

For the majority of leasehold sales in Lytchett Matravers conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering pre-exchange questions
• Where consent is required before sale in Lytchett Matravers
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Lytchett Matravers leasehold premises is £350. For Lytchett Matravers conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Leasehold Conveyancing in Lytchett Matravers - A selection of Questions you should ask before buying

What is the name of the managing agents? Best to be warned whether fixing the lift or some other significant cost is due shortly to be shared by the leasehold owners and will dramatically impact the level of the maintenance charges or require a one off payment. Most Lytchett Matravers leasehold apartments will be liable to pay a service charge for maintenance of the building levied by the freeholder. Should you acquire the apartment you will have to meet this liability, normally quarterly throughout the year. This may be anything from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a exorbitant sum, say around £25-£75 but you should to check it because occasionally it could be many hundreds of pounds.

Other Topics

Lease Extensions in Lytchett Matravers